Why 2018 federal deductions only totaling $38,000 when same information applied in deduction and credits in 2017 resulted in $80,000 in federal deductions?

[Lisa995]

The new Tax Cuts and Jobs Act that was put into place for tax year 2018 cut many deductions (they took away personal exemptions too) as well as cutting taxes.   

If you compare your Sch A in 2017 to the Sch A in 2018 you'll probably see a big change in what you can deduct.

[Vanessa]

The most common reason that people are seeing a reduction in itemized deductions this year are

1. The $10,000 SALT Cap.  Last year you could deduct mostly all of your state and local taxes and real estate taxes.  This year the total limit is $10,000
2. Elimination of the miscellaneous itemized expenses including employee business expenses and investment fees
3. Elimination of the deduction for casualty and losses
4. The new method of calculating deductible mortgage interest on a home equity loan or refinance